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Tiffany loses sparkle with profits forecast cut

Tiffany loses sparkle with profits forecast cut
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The sparkle of upmarket jeweler Tiffanys has been tarnished with the company forced to cut its profit forecast.

Shares in the jewelers fell almost 14.5 percent on Monday, their biggest intra-day decline in nearly 11 years with a disappointing holiday shopping season and further weaknesses in Japan cited as the reasons behind the drop.

Sales in the United States – the company’s biggest market – fell one percent in the two month holiday shopping period, the company said.

Sales in Japan, which contributed 12 percent to the total sales in the third quarter, fell 16 percent in the November-December period.